1. Field of the Invention
Embodiments of the present invention relate to automated wage compliance, auditing and fraud detection systems and methods. More particularly, embodiments of the present invention relate to systems and methods collecting and storing payroll information, determining compliance with applicable regulations, and identifying non-compliance and potential fraud.
2. Background Information
Currently state and federal government contractors are required to submit weekly payroll information utilizing government forms, such as WH-347 used by the U.S. Government. This information is reviewed to ensure compliance with applicable regulations governing, for example, the wage rate for a certain skill in a certain locale. The submission and review of payroll information can often be time consuming for both the contractors and the government agencies overseeing the various contracts and/or projects. In addition, this information must periodically be audited in order to verify compliance with a multitude of employment and other regulations. At present, there is no systematic way to identify potentially fraudulent reports.
Currently, this information is often maintained only in hard copy format. Regulations require the government and the contractors both to maintain this information for anywhere from three to seven years. As can be expected, such record storage necessitates large storage locations, which can be costly to all parties involved. In addition to storage issues, hard copy storage makes the task of auditing these records even more difficult.
In view of the foregoing, it can be appreciated that a substantial need exists for systems and methods that can advantageously provide for automated payroll record keeping that allows for electronic storage, customized reporting, and automated auditing and error checking, among other capabilities.
Before one or more embodiments of the invention are described in detail, one skilled in the art will appreciate that the invention is not limited in its application to the details of construction, the arrangements of components, and the arrangement of steps set forth in the following detailed description or illustrated in the drawings. The invention is capable of other embodiments and of being practiced or being carried out in various ways. Also, it is to be understood that the phraseology and terminology used herein is for the purpose of description and should not be regarded as limiting.